Keeping my old house or get a new one.?

Question

I'm in a quandry. We purchased a home 2 years ago that was below our means (we could afford double the price) I purchased it because I wasn't sure if I would like the new state that we recently moved to. If I liked it and wanted to stay, I was going to buy a newer house. Well, I have come to love the neighbors and the house. The problem is, because the area is in the booming stage, a lot of newer homes have been built and so I'm afraid the area that I'm in (older, smaller homes) will become a not the most desirable area to live. If I don't purchase a new house now, I will have to stay where I am at least for 10 years (hubby doesn't want to keep moving). I'm afaid that during that time, the area will not rise in value as much as the other neighborhoods in this city. Also, if I stay, I'd like to remodel but we probably can't recoup what we put into the house since other homes in the neighborhood aren't that expensive. What should I do? Should I buy a new home or stay where I am?

Answer 1

Is your home your investment tool or where you want to live? It's nice of course to expect to make some money when the time comes to sell your home, but there is actual value in liking where you live, not to mention having a mortgage well within your means.

Stay where you are, make your house your home. Enjoy it and live with little financial stress. That's better for your health, your marriage, your children and the country.

Answer 2

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